IDBI Bank Declares 60% Jump in Q3 Net Profit

IDBI Bank Ltd on January 23, 2023 declared a 60% surge in net profit to Rs 927 crore for the third quarter ended December 31, 2022. The Bank had posted a net profit of Rs 578 crore in the previous year quarter.

IDBI Bank's Operating Profit stood at Rs 2,051 crore, growth of 16% YoY. The NII stood at Rs 2,925 crore, growth of 23% YoY and 7% QoQ. CASA to Total Deposit Ratio stood at 54.44%, according to company's press release.

The bank witnessed improvement in asset quality and moderate fall in overall provisions. Also, the lower tax expenses contributed to the profitability.

It is worth mentioning that the credit growth emerged strong for the quarter under consideration with advances surging 17.3% on-year to Rs 1.48 lakh crore. Meanwhile, deposits surged by 4.5% to Rs 2.32 lakh crore as compared to the year ago period.

Stock Performance: The stock meanwhile witnessed a decline of 2.64% intraday on January 24, 2023. The last trading price of the stock is Rs 53.50 apiece with 52-week high at Rs 62.00 apiece and 52-week low at Rs 30.50 apiece, respectively.

Stock Return: The company has a market capitalisation of Rs 57,525.35 crore. The stock has given return of 9% in last 1-month, 18% in last 3-months, 46% in last 6-months, and 17% in last 1-year. In last 3-years, the stock surged 51% and declined 18% in last 5-years.

About IDBI Bank: IDBI Bank Ltd is operating as a full service universal bank that serves customers from all segments. As a bank, IDBI Bank Ltd touches the lives of millions of Indians through a wide array of banking products and services riding on a cutting edge core banking information technology platform through its wide network of 1880+ Branches and 3300+ ATMs. The bank was incorporated in 1994.